Ownership costs are the costs to purchase and operate a vehicle over a period of time. Understanding these costs may enable you to save money and help you make a wiser decision when choosing your next new car.

Regardless of the “value” claims that you may read in car reviews or hear in advertisements, the economic value of a car is based on how much it will cost to own and operate compared to its purchase price. In a sense, purchase price is “what you pay” and the ownership costs are “what you get.”

Ownership costs can differ greatly. The cost to own and operate two different vehicles with equal purchase prices can differ by thousands. Of course when evaluating ownership cost for used cars and trucks, a vehicle's condition and mileage will greatly impact ownership costs, therefore it's important to compare similar vehicles in similar condition for an accurate picture.

Basic Warranty: The basic warranty covers everything except items that are subject to wear and tear or replacement in the ordinary course of vehicle ownership, such as oil and air filters, wiper blades and brake pads. Tires and batteries are often excluded, but usually have their own warranty provided by the manufacturers of those items. Emissions equipment is required by Federal law to be covered for five years or 50,000 miles.

Drive Train Warranty: In some cases the drive train warranty continues after the basic warranty has expired. This part of the warranty covers most of the parts that make the vehicle move, including the engine, transmission, drive axles and driveshaft. Like the basic warranty, consumable parts such as hoses and belts are not covered. However, most of the internal parts of the engine, such as the pistons and bearings, which are also subject to wear and tear, are covered by the drive train warranty.

Roadside Assistance: Many manufacturers provide a service that will rescue you if your car leaves you stranded, even if it's your fault. Lock yourself our of your car? Run out of gas? Got a flat tire? A call to the manufacturer's toll-free number will result in somebody showing up who can help you out. There is a huge variance in these programs so check ahead of time to see what is covered and what you will have to pay for.

Rust or Corrosion Warranty: Rust or Corrosion Warranty: This warranty covers the vehicle's sheet metal, and protects you from rust and corrosion that are severe enough to cause a hole - surface rust is not covered. However, if you keep your car washed and waxed rust shouldn't be a problem.

Hyundai Motor Company (Hyundai) is recalling certain model year 2006-2009 Accent, model year 2007-2011 Azera, Sonata and Sante Fe,2006-2011 Tucson, 2009-2011 Elantra Touring, 2007-2010 Elantra, 2008-2011 Veracruz, 2009-2011 Genesis, 2010-2011 Genesis Coupe, 2007-2008 Entourage, and 2006-2008 Tiburon vehicles. Originally, in April 2013, Hyundai recalled 1,059,824 model year 2007-2009 Accent and Tucson, model year 2007-2010 Elantra, model year 2007-2011 Santa Fe, model year 2008-2009 Veracruz, model year 2010-2011 Genesis Coupe, and model year 2011 Sonata vehicles. In September 2013, Hyundai informed the agency that it was adding more vehicles to this campaign, representing an additional 652,512 units. The total number of vehicles being recalled is now 1,712,336. In the affected vehicles, the stop lamp switch may malfunction. A malfunctioning stop lamp switch may cause the brake lights to not illuminate when the brake pedal is depressed or may cause an inability to deactivate the cruise control by depressing the brake pedal. Additionally, a malfunctioning stop lamp switch may also result in intermittent operation of the push-button start feature, affect the operation of the brake transmission shift interlock feature, preventing the shifter from being moved out of the PARK position and cause the Electronic Stability Control (ESC) malfunction light to illuminate.

Consequences:

Failure to illuminate the stop lamps during braking or inability to disengage the cruise control could increase the risk of a crash. Additionally, when the ignition is in the 'ON' position, the transmission shifter may be able to be moved out of Park without first applying the brake. This may lead to unintentional movement of the car which may increase the risk of a crash.

Remedy:

Hyundai will notify owners, and dealers will replace the stop lamp switch, free of charge. The safety recall began on April 22, 2013. Owners may contact Hyundai at 1-800-633-5151. Hyundai's recall campaign number is 110.

Hyundai Motor Company (Hyundai) is recalling certain model year 2006-2009 Accent, model year 2007-2011 Azera, Sonata and Sante Fe,2006-2011 Tucson, 2009-2011 Elantra Touring, 2007-2010 Elantra, 2008-2011 Veracruz, 2009-2011 Genesis, 2010-2011 Genesis Coupe, 2007-2008 Entourage, and 2006-2008 Tiburon vehicles. Originally, in April 2013, Hyundai recalled 1,059,824 model year 2007-2009 Accent and Tucson, model year 2007-2010 Elantra, model year 2007-2011 Santa Fe, model year 2008-2009 Veracruz, model year 2010-2011 Genesis Coupe, and model year 2011 Sonata vehicles. In September 2013, Hyundai informed the agency that it was adding more vehicles to this campaign, representing an additional 652,512 units. The total number of vehicles being recalled is now 1,712,336. In the affected vehicles, the stop lamp switch may malfunction. A malfunctioning stop lamp switch may cause the brake lights to not illuminate when the brake pedal is depressed or may cause an inability to deactivate the cruise control by depressing the brake pedal. Additionally, a malfunctioning stop lamp switch may also result in intermittent operation of the push-button start feature, affect the operation of the brake transmission shift interlock feature, preventing the shifter from being moved out of the PARK position and cause the Electronic Stability Control (ESC) malfunction light to illuminate.

Consequences:

Failure to illuminate the stop lamps during braking or inability to disengage the cruise control could increase the risk of a crash. Additionally, when the ignition is in the 'ON' position, the transmission shifter may be able to be moved out of Park without first applying the brake. This may lead to unintentional movement of the car which may increase the risk of a crash.

Remedy:

Hyundai will notify owners, and dealers will replace the stop lamp switch, free of charge. The safety recall began on April 22, 2013. Owners may contact Hyundai at 1-800-633-5151. Hyundai's recall campaign number is 110.

Hyundai Motor Company (Hyundai) is recalling certain model year 2007-2012 Veracruz vehicles manufactured from December 26, 2006, through July 24, 2012. The affected vehicles may experience an oil leak from the front cylinder bank valve cover gasket. If there is a sufficient amount of oil dropped onto the alternator, the alternator will be damaged causing the charging system to become inoperative.

Consequences:

If the alternator is damaged, the charging system warning lamp in the instrument cluster will illuminate, and the engine will lose power and the vehicle will eventually stop operating while being driven. An unexpected failure of motive power while driving increases the risk of a crash.

Remedy:

Hyundai will notify owners, and dealers will inspect/repair or replace the alternator and the front valve cover gasket, free of charge. Hyundai sent out an interim letter to owners on September 3, 2014. Owners may contact Hyundai customer service at 1-800-633-5151. Hyundai's number for this recall is 121.

CURT MANUFACTURING IS RECALLING CERTAIN TOW PACKAGE WIRING HARNESSES, PART NUMBER 56024, THAT CONNECT TOW VEHICLE LIGHTING CIRCUITS TO TRAILER LIGHTING CIRCUITS SOLD FOR USE ON CERTAIN MODEL YEAR 2009 THROUGH 2011 HYUNDAI VERACRUZ AND KIA SORENTO VEHICLES. THE UNITS ARE NOT WATER-TIGHT AND MOISTURE CAN SEEP INTO THE CONVERTER MODULE AND DEFEAT THE MODULE'S INTERNAL CIRCUIT PROTECTION.

Consequences:

WITHOUT THE CIRCUIT PROTECTION, THE MODULE CAN OVERHEAT POSSIBLY RESULTING IN A FIRE.

Remedy:

CURT MANUFACTURING WILL NOTIFY OWNERS AND REPLACE THE TOW PACKAGE WIRING HARNESS. THE REMEDY WILL BE PERFORMED FREE OF CHARGE. THE SAFETY RECALL BEGAN ON OCTOBER 17, 2011. OWNERS MAY CONTACT CURT MANUFACTURING AT 1-715 831-8713.